Do I Need Life Insurance?

Those with anyone with a family or dependent can benefit from purchasing a life insurance policy. Most people buy life insurance policies to help ensure their family is taken care of in the event of their passing. Many policies pay out money to help pay for funeral and burial costs, mortgage payments, college tuition, and daily expenses. Purchasing life insurance in Arkport, NY helps ensure loved ones can continue living the life they are used to living. 

If you have questions about if you need life insurance, call the agents at Genesee Valley Agency. 

Determine Your Family’s Need for Life Insurance

Life insurance ensures your family can continue to live the life they are accustomed to in the event of your death. Are you still wondering if you need life insurance? Ask yourself the following questions, and if you answer yes to any question, you need life insurance. 

  • Do others depend on you financially? 
  • Does your spouse depend on your income? 
  • Are you a caregiver for an elderly relative who relies on your income? 
  • Do you own a business? Or have a business partner? 
  • Do you want to expand your savings or estate options? 

Types of Life Insurance Policies

There are two basic life insurance policies — term life insurance and whole life insurance. Each policy provides a death benefit payout in the event of the policyholder’s passing; however, they do differ in many ways. 

Term life insurance only pays out benefits if the policyholder passes during the term of the policy. So, for example, if you purchase a ten-year policy, the policy would expire at the end of the term, and no death benefits are paid out if the policyholder is still alive. 

Whole life insurance pays out a death benefit no matter when the policyholder passes. Essentially, this policy lasts the policyholder’s entire life. Additionally, you can borrow money against your whole life insurance policy because it does carry a cash value, where a term life insurance policy does not. 

Those in Arkport, NY, still wondering if they need life insurance should call the experts at Genesee Valley Agency to discuss policy options and benefits. 

Benefits of Whole Life policies

Is it time for your family to have life insurance? The folks at Genesee Valley Agency are here to answer your questions. Residents in the greater Arkport, NY community, can rely on our team for all of their insurance needs. All life insurance policies provide different features and benefits, so it is important to find the right policy for your family.

Key benefits of Whole Life policies

  • There is no expiration: Whole Life policies remain in force for as long as the premium is paid; there is no expiration of protection or coverage.
  • Unchanged premiums for the policy’s life: with a Whole Life policy, you know what your premium will be as it does not change over the life of the policy.
  • Cash value and dividends: one of the strongest features is the living benefit that a Whole Life policy will provide. In addition to the death benefit, the policyholder may also receive benefits during their lifetime.

There are many different Whole Life policies available to New York residents, and it’s important to find one that suits your family’s needs. Yes, it can be overwhelming to discuss life insurance, but it is a conversation that needs to happen. Protecting one’s family is a vital part of taking responsibility for the care of one’s loved ones. Working with a certified agent can help to streamline the process.

Your whole life specialists

We here at Genesee Valley Agency are proud to serve our friends and neighbors in the larger Arkport, NY area. Our team is dedicated to providing the information necessary for our clients to make informed decisions regarding insurance. To find out more about life insurance benefits, including Whole Life policies, click, call, or stop by today!